INDUSTRY

Financial Services

LOCATION

India

CHALLENGE/PAIN POINTS
  • No standardized process with multiple process gaps
  • Logical classification of support tickets missing
  • Manual identification of issues
FAVORITE FEATURES
  • Service catalogue
  • Change management
  • Incident management
  • Problem management

SLA Improvement

70%

Reduction First Response Time

50%

First Call Resolution

81.4%

About Bank Bazaar

 

BankBazaar is India’s leading online financial services marketplace. The company offers a one-stop shop for consumers to select, compare and apply for bank accounts, mutual funds, loans, insurance and credit cards available in the market. With operations spread across 4 countries, BankBazaar employs more than 5000 people and is focused on harnessing technology to deliver end-to-end paperless transactions.

BankBazaar uses Freshservice to streamline their IT service management.

Goal (Challenge):

Prior to using Freshservice, BankBazaar used a legacy ticket management system. When Krishnejit Roy, VP-Technology at BankBazaar, joined the organization, he realized that the ticketing process required a complete overhaul. They needed to rethink their workflows for creating, assigning and resolving IT queries.

Elaborating more on the situation, Krishnejit shared, “In the tool we used earlier, all tickets landed in a single queue as an email and were assigned to the entire support team. This process lacked segregation of tickets and created a situation of chaos.” A team with limited knowledge had to identify and allocate these tickets to the right team for resolution. Krishnejit added, “Lack of streamlined workflows affected the SLAs, as sometimes, the ticket would be wrongly allocated and we would lose time in identifying the right team to provide the resolution.”

Krishnejit also mentioned that the previous solution was not user-friendly and did not support user-level customizations. It also did not support the ITIL-aligned requirements of BankBazaar’s IT support team. Make changes was also an expensive affair with consultants and on-going service fees.

With the objective of implementing ITIL based processes at BankBazaar, Krishnejit mandated for an ITIL compliant ticket management tool. Krishnejit and his team evaluated Freshservice, ServiceNow and Jira before making a decision. Ultimately, Krishenjit picked Freshservice as the ITSM solution of choice due to it’s combination of fast deployment and time-to-value, customizability to match BankBazaar’s complex requirements, and value compared to other vendors.

“Freshservice, demonstrated capabilities of a tool that would suit BankBazaar’s complex requirements as well as save time and effort in customisations and shall prove be highly cost-effective when compared to the previous tool.”

Krishnenjit Roy

VP - Technology

Bankbazaar

Solution we provided

 

BankBazaar overhauled their service management process and deployed a self-service portal and service catalog for it’s 5000 employees across 5 offices. Yuvika, the Project Manager – IT Infrastructure Team at BankBazaar, is responsible for ensuring optimal utilization of Freshservice across the IT team consisting of 83 agents. Elaborating on her experience of using Freshservice, Yuvika shared, “Earlier we received service requests through phone calls and emails. With Freshservice, we have created a structured process for raising service requests which requires the user to visit the portal and submit their ticket”.

1. Segregate Incidents & Service Requests
On the streamlining of incident management processes at BankBazaar, Yuvika explained that they were now able to segregate incidents and service requests, as compared to earlier where all tickets were raised as incidents. “Using Freshservice, we have created a separate module for service requests with about 80-90 separate templates for capturing the details of a service request. Now an incident is raised only if it is indeed an incident”, added Yuvika.

2. Service Catalogue
Yuvika finds the service catalogue feature in Freshservice very useful. Krishnejit also shared that half of the issues are logged and resolved using the service catalogue.

3. Ease-of-use
Yuvika mentioned that within Freshservice, the administrator can configure the product and build workflows without support from the Freshservice team. This allows the IT team to keep up with the rapidly changing business landscape. Even if support is needed, Krishnejit explained “Freshservice’s support is proactive, and unlike other vendors they have provided us customizations without additional expenses”.

BankBazaar’s IT support team utilizes Freshservice’s capabilities extensively, leveraging all the key modules including asset management, change management and problem management. According to Yuvika, Freshservice has played a pivotal role in the implementation of change management processes at BankBazaar.

4. Powerful Reports
Krishnejit finds the dashboards and reports extremely useful to track SLAs and other critical metrics reported to senior management. Yuvika mentioned that the ability to filter and drill-down to granular levels helps monitor agent and team level performance. In fact, the management team has noticed the improvement in IT service management. “The management is happy with how we have reduced the first response time by 50% and improved our SLAs to 70%”, concluded Krishnejit.

Successes

 

Krishenjit and the BankBazaar team are thrilled by the process improvements, team performance and positive feedback from the entire organization. They are planning to expand their Freshservice deployment and are looking at deploying ML solutions to automate L1 request management.

Recommending Freshservice to other organizations, Yuvika explains, “Freshservice is a mature ITSM tool and offers exceptional capabilities to address the operational aspects of ticket management and workflows. Freshservice facilitates the ITIL framework within the organization without being restrictive.”